On May 13, 2025, the Hoover Institution held its third annual one-day conference Markets vs. Mandates: Promoting Environmental Quality and Economic Prosperity. As in previous years, the conference fosters discussion and debate on how markets and regulatory frameworks best govern environmental concerns while also promoting economic growth and safeguarding individual freedom. This year’s conference focused on “Policy Considerations for the New Administration.” Academic experts joined practitioners to cover a range of topics including climate adaptation, tribal energy sovereignty, public lands, and barriers to decarbonization. The program featured a lunch address by Wall Street Journal editorial columnist Kim Strassel.
The conference was introduced by Hoover Director, Condoleezza Rice, and culminated with a summary of policy recommendations for the new administration.
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8:00 – 8:20 AM |
Light Breakfast |
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8:20 – 8:30 AM |
Opening Remarks |
Presenter: Condoleezza Rice, Hoover Institution |
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8:30 – 9:20 AM |
SESSION 1 |
Moderator: Dominic Parker, Hoover Institution Panelists: Gary Libecap, UCSB Peter J. Hill, Property and Environment Research Center |
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Summary: Markets and mandates are alternative ways of addressing environmental problems. This session contrasts these alternatives first from the perspective of neoclassical economics and then through the economic lens of public choice and property rights. It also examines the morality of markets and mandates, a topic rarely examined by neoclassical economists. |
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9:30 – 10:20 AM |
SESSION 2 |
Moderator: Steven Koonin, Hoover Institution Panelists: Scott Tinker, University of Texas Samantha Gross, Brookings Institution |
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Summary: Can markets or mandates deliver cleaner, more reliable, and more affordable energy? This session will explore how each approach can shape our energy and environmental future, examining the interplay between innovation, regulation, and realities of costs, demand, and security. |
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10:30 – 11:20 PM |
SESSION 3 |
Moderator: Dominic Parker, Hoover Institution Panelists: CJ Stewart, Crow Nation Richard Luarkie, CO School of Mines & Pueblo of Laguna Daniel Cardenas, NTEA & Pit River Tribe |
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Summary: Indian Country holds vast mineral, fossil fuel, and renewable energy wealth that could augment and tilt America’s energy portfolio. Allowing sovereign tribes the freedom to produce energy – green or brown – means less federal oversight from politicians and bureaucrats and more tribal independence. In this session, tribal leaders will describe Indian Country’s experiences with mandates and explore how sovereignty can empower tribes to innovate to help themselves, and the country. |
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11:30 – 12:20 PM |
SESSION 4 |
Moderator: Tracy Mehan, American Water Works Association Panelists: James Coleman, University of Minnesota Andrew Waxman, University of Texas |
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Summary: Regulations based on aspirations rather than outcomes often create unintended consequences. Panelists will explore adverse effects from mandates in the National Environmental Policy Act, the Clean Water Act, and other regulations such as those for carbon capture technologies. Discussants will offer ideas for better aligning environmental policy goals with incentives for businesses and individuals. |
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12:30 – 1:30 PM |
Lunch Keynote - Stauffer |
Panelist: Kim Strassel, Wall Street Journal |
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Summary: With markets rather than mandates, Trump could think big about the environment and the economy. |
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1:30 – 2:20 PM |
SESSION 5 |
Moderator: Joshua Rauh, Hoover Institution Panelists: Will Rafey, UCLA Jonathan Colmer, University of Virginia |
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Summary: Environmental markets come in many shapes and sizes, but not all live up to expectations. From wetland-mitigation banking that shows promise in reducing costs of conservation to carbon offsets that can backfire and increase emissions, this session highlights lessons learned. Successful markets leverage gains from trade in ways that lower costs and improve environmental outcomes, or both. |
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2:30 – 3:20 PM |
SESSION 6 |
Moderator: Matthew Kahn, Hoover Institution & USC Panelists: Margaret Walls, Resources for the Future Judson Boomhower, UCSD |
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Summary: Adaptation to climate change is often overlooked in the face of mandates. However, as the L.A. fires illustrated, adaptation will fall short without markets signals that reflect climate risks—e.g. insurance rates and property values--and better management of resources—e.g. forests and water—subject to climate risk. Panelists will discuss ways to better align market incentives so that adaptation strategies become more effective and sustainable. |
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3:30 – 4:20 PM |
SESSION 7 |
Moderator: Terry Anderson, Hoover Institution Panelists: Seren Pendleton-Knoll, Blue Forest Jordan Horrillo, Hoover Institution |
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Summary: Federal lands are a valuable asset that continually lose money. This session will present “profit and loss statements” showing annual deficits of the USFS, NPS, and BLM and propose how managing them with more business acumen could improve both the environmental and financial balance sheet. |
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4:30 – 5:00 PM |
SESSION 8 |
Panelists: Terry Anderson, Hoover Institution Dominic Parker, Hoover Institution |
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Summary: Prior to the conference, panelists will be asked to provide recommendations for the Trump administration on how to balance markets and mandates for achieving environmental quality and promoting economic prosperity. These recommendations will be summarized and presented in the final session allowing an opportunity for audience participation and insights. |
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5:00 - 5:45 PM |
Reception |
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